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Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
 This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, ranging from MRs to VLs, changing hands, an increase of around 21% compared to the same period last year.
After a strong start in the first quarter, the freight market went through a significant softening particularly in the case of the crude carriers while the smaller/clean sizes performed significantly better. Overall sentiment remains bullish for the rest of the year, both in terms of freights as well as asset values. On the chartering side we see owners having high ideas for long term period charters and on the S&P front we see most ships being sold at a premium over last done.
Firm interest can be observed in the MR tanker segment, with a lot of ships changing hands during the past couple of months. Recently, we had the sale of MT High Sun (Hyundai Vinashin 50k 2014) for $28.7m to Ditas from Turkey; a firm price compared to the March reported sale of the same age/quality Korean built MRs that Glencore sold to JP Morgan for $27.5m (MT Alpine Mary & Alpine Maria, SPP 50k 2014). On the 10-year old ships, after the sales of the MT Unique Explorer (Onomichi 50k 2010) that was sold to Palonji Shipping from India for $17.5m and the Japanese owned MT Fidelity II (Iwagi 47k 2011) that was sold for $18.25m to Maersk Tankers last month, we see a handful of buyers that are looking for similar units and willing to go the extra mile to put their hands on fresh tonnage.
Hence we expect the bullish buyers to remain active and asset values to move further north as a result. On the Japanese 15 year old pumproom ships with surveys due, we also had the sales of the MT High Power (Naikai 47k 2004) and the MT Uacc Strait (Shin Kurushima 46k 2004) for $8.6m and $8.75m respectively and expect to see more vessels being sold soon. Finally we note that Sinokor’s Korean deepwell ships, the MT Security and the MT Tenacity (Hyundai 47k 2004) were sold for $9.75m basis surveys passed.
Regarding Aframax and VLCCs, what depicts the bullish sentiment in today’s S&P market is the lack of 10 year old or younger quality tonnage available for sale with several buyers waiting to compete over the next candidate. We note the sale of the MT Maersk Jeddah and the MT Maersk Jamnagar (Sumitomo 105k 2011) committed at a firm price of $30.3m each, potentially to Greek buyers whose main interest is in the dry bulk shipping market. The auction of the MT Brightoil Lion (Tsuneishi 107k 2010) and the MT Brightoil Grace (Hyundai 320k 2013) that were recently under the hammer also drew a lot of attention. What is noticeable is that although auction sales usually attract interest due to the nature of the sale being distressed, several large tanker owners offered healthy prices, with the VLCC being sold for $61.5m, while 10 parties offered on the Aframax that is rumored sold at region $26m.
All in all, activity is high, sentiment remains bullish and many owners argue that the healthy SnP market we experienced in 2019 is just the beginning of the so called “IMO Story” that has started to play out and will come in full effect coming into Q4 2019.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- ASAPP Information Group - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Australian Coal Association
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
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